RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing. |
received a determination letter (the Letter) from the Nasdaq
Listing Qualifications Staff (the Staff) stating that the Company
has not regained compliance with the minimum stockholders equity
requirement of $2.5 million to Nasdaq Listing Rule 5550(b)(1)
(the Minimum Stockholders Equity Requirement). As previously
reported in the Companys Current Report on Form 8-K, as filed
with the SEC on August 24, 2016, the Company received a
notification letter from The Nasdaq Stock Market LLC (Nasdaq)
indicating that, based on the Companys Quarterly Report on Form
10-Q for the quarter ended June 30, 2016, the Company failed to
comply with the Minimum Stockholders Equity Requirement. On
November 15, 2016, based on information the Company submitted to
Nasdaq, the Staff granted the Company the maximum allowable 180
day extension to February 14, 2017 to evidence compliance with
the Minimum Stockholders Equity Requirement.
delisted from The Nasdaq Capital Market at the opening of
business on February 27, 2017 unless the Company requests a
hearing before the Nasdaq Hearing Panel (the Panel).
appeal the Letter in accordance with Nasdaq rules and as stated
in the Letter. At the hearing, the Company intends to present a
plan to regain compliance with the Minimum Stockholders Equity
Requirement and request that the Panel allow the Company
additional time within which to regain compliance.
notice and allow the continued listing of the Companys common
stock on The Nasdaq Capital Market until the Panel renders a
decision subsequent to the hearing, and the Companys common stock
will continue to trade on The Nasdaq Capital Market under the
symbol RIBT until such time.
Stockholders Equity Requirement during any compliance period or
in the future, or otherwise meet Nasdaq compliance standards, or
that Nasdaq will grant the Company any relief from delisting as
necessary, or that the Company will be able to ultimately meet
applicable Nasdaq requirements for any such relief.
| Item 5.07 |
Submission of Matters to a Vote of Security Holders.
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held on February 13, 2017. At the Special Meeting, the
shareholders voted on the following proposals and cast their
votes as described below.
increase the authorized number of shares of common stock from
25,000,000 to 50,000,000 and cast their votes as described below.
|
Votes For
|
Votes Against
|
Abstained
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Broker Non-Votes
|
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7,545,883
|
1,249,470
|
51,751
|
voting for directors and cast their votes as described below.
|
Votes For
|
Votes Against
|
Abstained
|
Broker Non-Votes
|
|
5,751,308
|
484,137
|
39,786
|
2,571,873
|
About RICEBRAN TECHNOLOGIES (NASDAQ:RIBT)
RiceBran Technologies is a human food ingredient, functional food ingredient, packaged functional food and animal nutrition company. The Company is focused on processing and marketing of nutrient dense products derived from raw rice, an underutilized by-product of the rice milling industry. The Company has two operating segments. The USA segment manufactures and distributes stabilized rice bran (SRB) (for human food ingredient and animal nutrition customers) and derivative products. The Brazil segment extracts crude rice bran oil (RBO) and defatted rice bran (DRB) from rice bran, which are then further processed into fully refined rice bran oil for sale internationally and in Brazil, compounded animal nutrition products for horses, cows, swine, sheep and poultry and a range of human food and animal nutrition products. The Brazil segment consists of the operations of Nutra S.A. LLC subsidiary, whose only operating subsidiary is Industria Riograndens De Oleos Vegetais Ltda. (Irgovel). RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) Recent Trading Information
RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) closed its last trading session down -0.020 at 0.900 with shares trading hands.
